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Just wait for the hyperscalers to follow suit
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I moved to Scaleway one or two price upgrades ago. Be ready to see the same, but with OVH or Scaleway instead.
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Problem with Scaleway (for me) is physics. I get 200ms (at minimum) roundtrip latency to any of their EU servers (and for their dedicated offerings that can boot custom Linux distros that's pretty much all I have access to).
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didn't Scaleway also increase prices 1st of this month?

https://news.ycombinator.com/item?id=47944914

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Which plan? Because even with this hetzner price increase it's still 2-3x cheaper than scaleway.
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The bare metal dediboxes have better value I believe now.
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It was never the same quality though. A VM at AWS or GCP is not even remotely comparable to a VPS at some low-end provider. Things like RAID, network/powersupply redundancy, internal privacy controls (nothing stopping a VPS provider from snooping in your filesystem), software patch quality, noisy neighbor mitigation, bandwidth quality, SLAs etc. Then all the value-added stuff like Terraform support, logging, monitoring, IAM roles, instant scalability etc. Not to mention the benefits if you use the same cloud's managed services like databases.

If I can get a same-spec EC2 instance at AWS for just 2x the price of a Hetzner box, I would never consider Hetzner. It had to be a "10x savings".

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The same will happen with the other providers.

Hetzner just achieved their pricing by using commodity consumer hardware.

This is now making them the canary, as they don't have the multi year business contacts the others have - so they're uniquely vulnerable to the current consumer hardware price increase.

But the rest will follow, unless the bubble burst, which is unlikely to happen before the others increase their costs, too

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